All Posts By

Smartkarma Daily Briefs

Daily Brief Industrials: Nippon Parking Development, Contemporary Amperex Technology (CATL), Jiangsu Zenergy Battery Technologies and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Nippon Parking Development (2353 JP): Irreplaceable Assets with +12% Historical EPS CAGR at 13x P/E
  • ECM Weekly (14 Apr 2025) – Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental
  • Jiangsu Zenergy Battery Technologies IPO Trading – Muted Overall Demand, No Stabilisation


Nippon Parking Development (2353 JP): Irreplaceable Assets with +12% Historical EPS CAGR at 13x P/E

By Michael Fritzell

  • Nippon Parking Development (2353 JP — US$477 million) — also known as “NPD” — is a Japanese lessor of parking spaces and an operator of ski resorts and theme parks.

  • It’s the brainchild of lifelong entrepreneur Kazuhisa Tatsumi, who literally built the company in his garage in the early 1990s.

  • In Japan, developers are generally required to build 1/3 parking space per 100 square meters of floor area for any large building. This is known as “legally mandated parking space”.


ECM Weekly (14 Apr 2025) – Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, we looked at the possible A/H premium for Jiangsu Hengrui Medicine (600276 CH), along with two live deals in Hong Kong . 
  • On the placements front, only Suzuki Motor (7269 JP)‘s shareholders were brave enough to launch a placement in the turbulent markets. 

Jiangsu Zenergy Battery Technologies IPO Trading – Muted Overall Demand, No Stabilisation

By Akshat Shah

  • Jiangsu Zenergy Battery Technologies (JSZENERGY CH) raised US$130m in its Hong Kong IPO.
  • Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
  • We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Health Care: Remegen , LENSAR and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • China Healthcare (Apr.13) – Trump’s Tariffs on Pharmaceuticals, NSCEB’s Report, RemeGen’s Pain Point
  • Strategic Acquisitions, Merger Developments, and Takeover Bids: Key Updates


China Healthcare (Apr.13) – Trump’s Tariffs on Pharmaceuticals, NSCEB’s Report, RemeGen’s Pain Point

By Xinyao (Criss) Wang

  • Trump’s administration will soon impose tariffs on pharmaceuticals. Chinese API companies will be hit the most. Pharmaceutical companies that mainly focus on domestic market could be better investment options.
  • NSCEB released “Changing the Future of Biotechnology”, among which WuXi AppTec was named again. Chinese CXO’s performance this year could be lower than expected due to geopolitical conflicts.
  • RemeGen’s 2024 results improved, but concerns remain due to its  “disorganized” pipeline layout and uncompetitive products. The reasonable market value of Remegen is about RMB10 billion to RMB15 billion.

Strategic Acquisitions, Merger Developments, and Takeover Bids: Key Updates

By Special Situation Investments

  • Lensar (LNSR) is being acquired by Alcon for $14/share plus a CVR up to $2.75/share, with closing expected in H2 2024.
  • OCI N.V. announced a $1bn extraordinary cash distribution, with shareholders choosing payment currency, ex-dividend date April 15.
  • Kronos Bio (KRON) terminated a lease for $1.5m, with potential net cash outcome between ~$1 and $1.30/share.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Financials: AEON Mall, ESR Group , NIFTY Index, Korea Stock Exchange KOSPI 200, Nikkei 225 and more

By | Daily Briefs, Financials

In today’s briefing:

  • “Tiny Win for Guess The Ratio” Aeon (8267) Pays a SMALL Premium for Aeon Mall (8905)
  • Aeon Mall (8905 JP): Aeon (8267 JP)’s Share Exchange Ratio Is Set
  • Merger Arb Mondays (14 Apr) – ESR, Fengxiang, Vesync, Goldlion, Shibaura, Tsuruha/Welcia, Aeon Mall
  • NSE NIFTY50/ Vol Update / Risk Premia Catches up with Global Counterparts in Spite of Truncated Week
  • Kospi Index Options Weekly (Apr 07 – 11):  Skew Shifts Steepens and Positioning Signals
  • Nikkei Index Options Weekly (Apr 07 – 11): Vol Spikes, Skew Steepens, Macro Shifts Unfold


“Tiny Win for Guess The Ratio” Aeon (8267) Pays a SMALL Premium for Aeon Mall (8905)

By Travis Lundy

  • In an announcement after the close Friday 11 April, Aeon Co Ltd (8267 JP) and AEON Mall (8905 JP) announced their merger ratio, and timing. 
  • The ratio is 0.65 to 1.0, meaning Aeon Mall shareholders don’t get a lot of credit for their real estate. The timing is short-dated. The AGM is end-May. Merger July1. 
  • This may be a tad light, but it is a done deal. Active shareholder base is almost all retail and crossholders+dom passive gets Aeon to 70%. 

Aeon Mall (8905 JP): Aeon (8267 JP)’s Share Exchange Ratio Is Set

By Arun George

  • AEON Mall (8905 JP) announced a share exchange offer by Aeon Co Ltd (8267 JP) at 0.65 Aeon shares per Aeon Mall share, a 30.9% premium to the undisturbed price.
  • The share exchange ratio is reasonable compared to historical price ratios and IFA valuation ranges. The implied offer multiple is attractive compared to peer multiples.
  • Aeon’s 58.16% shareholding ensures that Aeon Mall’s vote on 22 May is low-risk. The share exchange’s effective date is 1 July.


NSE NIFTY50/ Vol Update / Risk Premia Catches up with Global Counterparts in Spite of Truncated Week

By Sankalp Singh

  • Risk premia in Nifty50 Options catches up with Global Markets as IVs spike from sub-12% to 24% – levels last seen during 2024 National Elections. 
  • Vol-Regime switches from “Low & Up” state to “High & Up”. Term-structure swings into Backwardation. Front-end risk premiums elevated in spite of truncated upcoming week.  
  • Tactical Implications: (1) Use IV-spike to flatten +ve Vega exposure. (2) Avoid -ve Gamma, Vol harvesting structures. (3) Front-end/ Back-end Calendars recommended as extreme curve inversion expected to normalize.

Kospi Index Options Weekly (Apr 07 – 11):  Skew Shifts Steepens and Positioning Signals

By John Ley

  • Price action was volatile this week, marked by two large moves and a notable pickup in vol of vol.
  • We examine the material steepening of skew observed over the course of the week.
  • USD/KRW broke its recent range, reinforcing signs that USD assets may be losing their traditional flight to quality appeal.

Nikkei Index Options Weekly (Apr 07 – 11): Vol Spikes, Skew Steepens, Macro Shifts Unfold

By John Ley

  • Both Nikkei and USD/JPY re-tested levels last seen in early August, with Nikkei implied vols surging.
  • Beyond tariffs, we explore what may become the dominant driver of market movements in the weeks ahead.
  • Skew steepened materially; we examine how open interest at current spot levels could shape the spot-vol relationship going forward.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Consumer: Tsuruha Holdings, PDD Holdings, Suzuki Motor, Midea Group, Chagee Holdings, Shandong Fengxiang, MercadoLibre , Adastria Co Ltd and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Tsuruha (3391), Welcia (3141), and Aeon (8267) Do a Deal, Short-Changing Tsuruha Minorities
  • What if China ADRs Are Delisted from US Exchanges?
  • Suzuki Motor (7269 JP) Placement: Likely to Price Today; 7-8% Underperformance Vs Peers/TOPIX
  • Midea (300 HK): IPO Lock-Up Expiry Triggers 10% Float Increase in Global Indices for May and June
  • Weekly Deals Digest (13 Apr) – Suzuki, Canvest, Fengxiang, HKBN, Goldlion, Tsuruha/Welcia, Shibaura
  • Chagee IPO: Luckin X Starbucks of Tea. Pricing, Valuation, Key Facts & Financials
  • Fengxiang (9977 HK): PAG’s Pre-Con Offer
  • Pre-IPO Chagee Holdings – IPO Pricing Is Attractive, But Share Price May Underperform
  • Weekly News & Views
  • Adastria: ¥500 Billion Through New Brands – Signs UK’s Karrimor


Tsuruha (3391), Welcia (3141), and Aeon (8267) Do a Deal, Short-Changing Tsuruha Minorities

By Travis Lundy

  • On Friday, Tsuruha Holdings (3391 JP), Welcia Holdings (3141 JP), and Aeon Co Ltd (8267 JP) announced the Tsuruha/Welcia merger and Partial Tender to get Aeon to 50+% of NEWCO.
  • The scrip ratio short-changes Tsuruha shareholders. The subsequent partial offer to raise Aeon’s stake above 50% is low too. 9.7% shareholder Orbis is already out with a complaint.
  • But… all is not lost. There are some interesting angles here to complain. 

What if China ADRs Are Delisted from US Exchanges?

By Brian Freitas

  • We see 281 Chinese companies listed on U.S Stock Exchanges with a total market cap of US$869bn. 32 of these companies are listed on the HKEX (388 HK)
  • If the rumours of Chinese stocks being delisted from U.S. Exchanges gathers steam, we could see a wave of secondary listings in Hong Kong.
  • PDD Holdings, Full Truck Alliance, Vipshop Holdings, TAL Education and ZEEKR are the largest China ADRs with no HK listing and could come under pressure.

Suzuki Motor (7269 JP) Placement: Likely to Price Today; 7-8% Underperformance Vs Peers/TOPIX

By Brian Freitas

  • Tokio Marine & Nichido Fire Insurance and Sompo Japan Insurance are looking to raise US$1.2bn by offloading their entire stakes in Suzuki Motor by way of a secondary offering.
  • Suzuki Motor (7269 JP) stock is flat since the announcement of the placement but has underperformed its peers and the TSE Tokyo Price Index TOPIX (TPX INDEX)
  • With the placement being less than 5% of the number of shares outstanding, there is unlikely to be any immediate passive inflow which could pressure the stock.

Midea (300 HK): IPO Lock-Up Expiry Triggers 10% Float Increase in Global Indices for May and June

By Dimitris Ioannidis

  • Midea Group (300 HK) went public on HKEX on 17 September 2024 and achieved fast-entry in both global indices due to high free float and a market cap of ~$4.5bn.
  • The 6-month lockup on cornerstone investors expired on 17 March 2025.
  • The free float is forecasted to increase from ~65% to ~75% for both global indices in May and June 2025 following the lockup expiry.

Weekly Deals Digest (13 Apr) – Suzuki, Canvest, Fengxiang, HKBN, Goldlion, Tsuruha/Welcia, Shibaura

By Arun George


Chagee IPO: Luckin X Starbucks of Tea. Pricing, Valuation, Key Facts & Financials

By Devi Subhakesan

  • Chagee Holdings (CHA US) is offering 14.68 million shares for USD26 to USD28 each to raise upto USD411 million in its initial public offering in the US.
  • Chagee’s premium branded teahouses blend traditional tea culture with modern, tech-driven service, distinctly setting itself apart from bubble tea kiosks. 
  • Chagee’s IPO is priced at a discount to forward valuations of recently listed (in HK) China-based freshly brewed drinks players and leading Cafe companies.

Fengxiang (9977 HK): PAG’s Pre-Con Offer

By David Blennerhassett

  • When Shandong Fengxiang (9977 HK) was suspended last month due to the Takeovers Code, I expected PAG to launch an Offer by way of a Merger by Absorption at ~HK$2.00.
  • And that is exactly what unfolded. The price, which is a 33.33% premium to last close is final. 42.35% of independent H-shareholders are supportive. A scrip alternative is afforded.
  • PAG was permitted to take control of Fengxiang, via the domestic shares, late 2022. There will be no regulatory roadblock as PAG now seeks to privatise Fengxiang. 

Pre-IPO Chagee Holdings – IPO Pricing Is Attractive, But Share Price May Underperform

By Xinyao (Criss) Wang

  • Chagee is seeking up to US$411 million by offering nearly 14.7 million ADS priced between US$26 and US$28 each, with market value to reach about US$4.8-US$5.1 billion.
  • Chagee is facing performance headwinds. Whether the current high growth of Chagee is sustainable in the future is uncertain. This makes us tend to be conservative in Chagee’s valuation expectations 
  • Based on our forecast, P/E is about 11.5-12.3x if based on 2025 net profit. Such valuation is attractive, but “valuation discount” may occur due to market turmoil and geopolitical conflicts.

Weekly News & Views

By Leandro Gubler

  • Argentina Secures US$20bn IMF Deal with Currency Controls Eased / Argentina: March CPI Surprise Adds Pressure
  • Initiating Coverage on Telecom Argentina: Solid Market Position but Uncertain Outlook / Mercado Libre Expands Regional Footprint with $9 Billion in 2025 Investments Across Brazil, Argentina, and Chile
  • Minerva Announces Capital increase Backed by Sponsors / Mercado Libre Expands Regional Footprint with $9 Billion in 2025 Investments Across Brazil, Argentina, and Chile

Adastria: ¥500 Billion Through New Brands – Signs UK’s Karrimor

By Michael Causton

  • Adastria (soon to be And ST) is Japan’s biggest multi-chain clothing retailer and fourth largest overall.  
  • As well as investing in core brands like Global Work, the former wholesaler is now expanding through new segments – including Forever 21 despite its US bankruptcy
  • In a sign of further diversification, it will now move into the very buoyant outdoor market having just acquired the Asian rights to UK outdoor brand, Karrimor.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Most Read: Posco Future M, Tsuruha Holdings, PDD Holdings, AEON Mall, Suzuki Motor, Midea Group, JX Advanced Metals and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Korea Short Selling: Biggest Changes in Shorts & Trade Performance
  • Tsuruha (3391 JP): Welcia (3141 JP) Share Exchange and Aeon (8267 JP) Partial Offer Unattractive
  • Tsuruha (3391), Welcia (3141), and Aeon (8267) Do a Deal, Short-Changing Tsuruha Minorities
  • What if China ADRs Are Delisted from US Exchanges?
  • “Tiny Win for Guess The Ratio” Aeon (8267) Pays a SMALL Premium for Aeon Mall (8905)
  • Suzuki Motor (7269 JP) Placement: Likely to Price Today; 7-8% Underperformance Vs Peers/TOPIX
  • Timing the Announcement of POSCO Future M’s Rights Issue
  • Aeon Mall (8905 JP): Aeon (8267 JP)’s Share Exchange Ratio Is Set
  • Midea (300 HK): IPO Lock-Up Expiry Triggers 10% Float Increase in Global Indices for May and June
  • TOPIX Inclusions: Who Is Ready (Apr 2025)


Korea Short Selling: Biggest Changes in Shorts & Trade Performance

By Brian Freitas

  • The resumption of short selling in Korea came at a good time for investors, giving them some additional tools to manage market volatility.
  • Short interest has increased from 0.17% to 0.23% of market cap for the KOSPI market and from 0.46% to 0.63% for the KOSDAR market.
  • The KOSPI/KOSDAQ ratio has reverted a bit on profit taking, and the forecast index deletions have recovered a bit but should continue to see increase short interest.

Tsuruha (3391 JP): Welcia (3141 JP) Share Exchange and Aeon (8267 JP) Partial Offer Unattractive

By Arun George

  • Tsuruha Holdings (3391 JP) and Welcia Holdings (3141 JP) announced a merger through a share exchange followed by a partial tender offer by Aeon for a 50.90% stake of the merged entity.
  • The share exchange terms favour Welcia over Tsuruha shareholders. The Tsuruha shareholder vote is high risk as Orbis, the second-largest shareholder, intends to vote NO
  • Aeon Co Ltd (8267 JP)’s follow-up partial offer for Tsuruha is unattractive compared to its previous offer for the Oasis stake, peer multiples and premium to the undisturbed price.   

Tsuruha (3391), Welcia (3141), and Aeon (8267) Do a Deal, Short-Changing Tsuruha Minorities

By Travis Lundy

  • On Friday, Tsuruha Holdings (3391 JP), Welcia Holdings (3141 JP), and Aeon Co Ltd (8267 JP) announced the Tsuruha/Welcia merger and Partial Tender to get Aeon to 50+% of NEWCO.
  • The scrip ratio short-changes Tsuruha shareholders. The subsequent partial offer to raise Aeon’s stake above 50% is low too. 9.7% shareholder Orbis is already out with a complaint.
  • But… all is not lost. There are some interesting angles here to complain. 

What if China ADRs Are Delisted from US Exchanges?

By Brian Freitas

  • We see 281 Chinese companies listed on U.S Stock Exchanges with a total market cap of US$869bn. 32 of these companies are listed on the HKEX (388 HK)
  • If the rumours of Chinese stocks being delisted from U.S. Exchanges gathers steam, we could see a wave of secondary listings in Hong Kong.
  • PDD Holdings, Full Truck Alliance, Vipshop Holdings, TAL Education and ZEEKR are the largest China ADRs with no HK listing and could come under pressure.

“Tiny Win for Guess The Ratio” Aeon (8267) Pays a SMALL Premium for Aeon Mall (8905)

By Travis Lundy

  • In an announcement after the close Friday 11 April, Aeon Co Ltd (8267 JP) and AEON Mall (8905 JP) announced their merger ratio, and timing. 
  • The ratio is 0.65 to 1.0, meaning Aeon Mall shareholders don’t get a lot of credit for their real estate. The timing is short-dated. The AGM is end-May. Merger July1. 
  • This may be a tad light, but it is a done deal. Active shareholder base is almost all retail and crossholders+dom passive gets Aeon to 70%. 

Suzuki Motor (7269 JP) Placement: Likely to Price Today; 7-8% Underperformance Vs Peers/TOPIX

By Brian Freitas

  • Tokio Marine & Nichido Fire Insurance and Sompo Japan Insurance are looking to raise US$1.2bn by offloading their entire stakes in Suzuki Motor by way of a secondary offering.
  • Suzuki Motor (7269 JP) stock is flat since the announcement of the placement but has underperformed its peers and the TSE Tokyo Price Index TOPIX (TPX INDEX)
  • With the placement being less than 5% of the number of shares outstanding, there is unlikely to be any immediate passive inflow which could pressure the stock.

Timing the Announcement of POSCO Future M’s Rights Issue

By Sanghyun Park

  • All three local CRAs are pushing hard — an equity raise isn’t optional, it’s the only shot at keeping the AA- rating intact. Street says it’s not if, it’s when.
  • Late April to mid-May looks like the key window. And start keeping tabs on the flow real tight.
  • Leak channels are still active. FSC’s pointed at IB sales and law firm staff. If we see outsized sell prints—especially from local hedge funds, that’s our cue to act.

Aeon Mall (8905 JP): Aeon (8267 JP)’s Share Exchange Ratio Is Set

By Arun George

  • AEON Mall (8905 JP) announced a share exchange offer by Aeon Co Ltd (8267 JP) at 0.65 Aeon shares per Aeon Mall share, a 30.9% premium to the undisturbed price.
  • The share exchange ratio is reasonable compared to historical price ratios and IFA valuation ranges. The implied offer multiple is attractive compared to peer multiples.
  • Aeon’s 58.16% shareholding ensures that Aeon Mall’s vote on 22 May is low-risk. The share exchange’s effective date is 1 July.

Midea (300 HK): IPO Lock-Up Expiry Triggers 10% Float Increase in Global Indices for May and June

By Dimitris Ioannidis

  • Midea Group (300 HK) went public on HKEX on 17 September 2024 and achieved fast-entry in both global indices due to high free float and a market cap of ~$4.5bn.
  • The 6-month lockup on cornerstone investors expired on 17 March 2025.
  • The free float is forecasted to increase from ~65% to ~75% for both global indices in May and June 2025 following the lockup expiry.

TOPIX Inclusions: Who Is Ready (Apr 2025)

By Janaghan Jeyakumar, CFA

  • Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
  • The TOPIX Inclusions of Baudroie (4413 JP) and JX Advanced Metals (5016 JP) are expected to take place at the end of April 2025.
  • Separately, the 0.75x TOPIX Liquidity Factor removal event will also take place at the same time. We expect one-way flows of US$514mn for this event.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Analytics and News
  • ✓ Events & Webinars



Daily Brief Quantitative Analysis: HK Connect Flows Weekly (Apr 11th): Tencent and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • HK Connect Flows Weekly (Apr 11th): Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC


HK Connect Flows Weekly (Apr 11th): Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC

By Ke Yan, CFA, FRM

  • We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 11th.
  • The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
  • We highlight flows for Tencent, Alibaba, Xiaomi, China Mobile, SMIC, HSBC.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief ESG: Effectiveness of MBO Special Committee Is Linked to Effectiveness of Independent Directors and more

By | Daily Briefs, ESG

In today’s briefing:

  • Effectiveness of MBO Special Committee Is Linked to Effectiveness of Independent Directors


Effectiveness of MBO Special Committee Is Linked to Effectiveness of Independent Directors

By Aki Matsumoto

  • The key is whether the effectiveness of special committee can fairly guide MBO, but whether the independent outside directors are truly independent, properly informed, and skilled is an important assumption.
  • Since companies with high foreign shareholdings generally have higher corporate governance practices, there are concerns about practices in MBO cases for many companies that do not have high foreign shareholdings.
  • When a company whose “goal is IPO” conducts MBO when the stock price is lower than at IPO, there are concerns about whether the special committee will guide MBO fairly.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (April 13)- Daiichi Sankyo and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • APAC Healthcare Weekly (April 13)- Daiichi Sankyo, Kaken, ABL Bio, Samsung Biologics, Sun Pharma


APAC Healthcare Weekly (April 13)- Daiichi Sankyo, Kaken, ABL Bio, Samsung Biologics, Sun Pharma

By Tina Banerjee

  • Daiichi Sankyo received EU approval for Enhertu in breast cancer. Kaken Pharmaceutical in-licensed hereditary angioedema drug candidate sebetralstat for Japan from KalVista Pharmaceuticals for an upfront payment of $11M.
  • ABL Bio signed £2B+ outlicensing licensing deal with GSK to develop novel medicines for neurodegenerative diseases. Samsung Biologics launched Epysqli, a biosimilar referencing Soliris in the U.S.
  • U.S. court ruled in favor of Sun Pharma regarding the launch of alopecia areata drug Leqselvi. Mayne Pharma has been involved in a legal proceeding in U.S., brought by TherapeuticsMD.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief ECM: MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV and more

By | Daily Briefs, ECM

In today’s briefing:

  • MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely


MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

By Andrei Zakharov

  • MNTN, Inc. (pronounced “mountain”), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.
  • Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.
  • I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Equity Bottom-Up: Meitetsu Transport (9077JP) Confirms Closure of Last Department Store and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Meitetsu Transport (9077JP) Confirms Closure of Last Department Store
  • Hisamitsu Pharmaceutical (4530 JP): Salonpas Holds Fort; New Products Ramp-Up; Stable FY26 Expected
  • Korea: Short Selling Data Analysis (Which Stocks Are the Gainers and the Losers?)


Meitetsu Transport (9077JP) Confirms Closure of Last Department Store

By Michael Causton

  • Until quite recently, Nagoya had seven department stores but will soon have just four. 
  • This follows Meitetsu’s decision to close its flagship store to clear the way for a major redevelopment of the station area.
  • The new development will include retail and so bring some competition to Takashimaya, which now dominates department store retailing in the city, but not before 2033.

Hisamitsu Pharmaceutical (4530 JP): Salonpas Holds Fort; New Products Ramp-Up; Stable FY26 Expected

By Tina Banerjee

  • Hisamitsu Pharmaceutical Co (4530 JP) reported double digit revenue growth in FY25 on the back of 16% YoY growth in Salonpas focused OTC pharmaceutical products.
  • Rx business revenues grew 5% YoY as Zicthoru, Apohide, Combipatch, Vivelle-Dot etc clocked healthy numbers excepting Mohrus product line.
  • Hisamitsu expects FY26 revenue to be ¥165B, up 6% YoY, driven by new products, with net profit growth to decelerate on higher cost.

Korea: Short Selling Data Analysis (Which Stocks Are the Gainers and the Losers?)

By Douglas Kim

  • We provide the short selling data analysis of the Korean stock market including the top 20 stocks in KOSPI with the highest short interest ratios in KOSPI and KOSDAQ, respectively. 
  • There have been noticeable shorting on the Ecopro Group companies and other key names in the rechargeable battery sector including Posco Future M, L&F, and SK IE Technology. 
  • Shorting has generally worked for KOSDAQ names with higher short interest ratios but not for KOSPI names in the past two weeks. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars